Question # 1
Explain the importance of creating building brand strategy. Provide an example of a company that has developed a strong branding strategy.
The real impact and strength of a brand is in the thoughts, feelings, images, beliefs, attitudes, and experiences that exist in the minds of existing or future customers. This so called “brand knowledge” affects how those customers respond to products, prices, communications, selected channels and other marketing activities (ultimately, impacting brand value).
A brand strategy is the proactive effort to use advertising tools to position a given brand relative to competitors, so targeted customers are convinced that the brand offers ...view middle of the document...
The classy, sporty, stylish James Bond character can perfectly be associated with the BMW brand as well as its brand mantra: The ultimate driving machine.
Furthermore, to further increase brand awareness, BMW co-branded its brand with lifestyle brands, including McLaren baby strollers (with four-wheel suspension and original wheels), Aspex sunglasses (with TurboFlex hinge technology), Group III travel accessories (BMW-branded luggage with custom zippers, wheel housing, and handles), and Ball Watch timepieces (with BMW anti-shock system).
Question # 2
Explain the role that brand elements play in developing brand strategy & explain why some brands mix and match brand elements. Provide an example
Brand elements – i.e. the brand name, logo, symbol, character, packaging, and slogan – play an import role in advertisement and promotion.
For example, oftentimes, consumer decisions are made when purchasing a certain consumable where the brand name, logo, packaging, and so on will be visible: then brand recognition and visual awareness measures will be important. An example is actually me, when going to the store to purchase razor blades. Not intending to buy actually buy Gillette razor blades, once I see them, I usually buy them.
Because brand elements have different strength and weaknesses, it is important to mix and match brand elements to maximize their collective contribution to brand equity.
For example, brand elements must be mixed to achieve different positioning objectives. In the same time, however, they should have similarities that strengthen some shared meaning. Ultimately, the entire set of brand elements creates the brand identity, which echoes the input of all the elements to awareness and image.
Example: The Disney logo is a stylized version of the founder’s signature that signifies the brand name and promises secure, cheerful and quality American mainstream entertainment. Aside from the regular logo, the company has adopted different logos for the different products it provides. For example, the castle on a blue background version is used for Disney’s movie releases. Similarly, the Walt Disney signature with “world” added onto the end is used for the company’s holiday resorts but is not positioned to children, but to their parents that mostly still recall their Disney experience when they were children themselves.
Also, Disney uses various slogans for different branches of their business. The most well-known slogan is ‘Where Dreams Come True’ which is used to promote their Disney World theme park.
Question # 3
Discuss the difference between brand breadth and depth of awareness. Provide an example.
Two important parts of brand knowledge are brand awareness and brand image. Brand awareness is related to the strength of the brand trace in consumers’ memory as reflected by their ability to recall a brand under different conditions. Brand awareness can be characterized by depth and breadth. The depth of...